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Heraclitus, a Greek philosopher, is quoted as saying "change is the only constant in life." We have experienced the advent of the world wide web known as web 1.0, followed by web 2.0 known as social media, and we are now experiencing web 3.0. Metaverse and cryptocurrency are both crucial parts of web 3.0. Technology is sure to change with time and the advent of cryptocurrencies and the metaverse concept is proof. The metaverse is a digital world concept that is relatively new and no one knows exactly how it will work in the future. It is expected that cryptocurrencies will be the accepted currency in the metaverse digital world. Since the metaverse and cryptocurrencies are separate technologies that will most likely influence each other, it is probably time to wonder how the emerging metaverse will change the cryptocurrency concept of today.
 

What Is The Metaverse

Tech leaders like the founder of Facebook, Mark Zuckerberg believe that the metaverse is the immediate future of the internet. The metaverse is an envisioned virtual world where we as humans work, live, learn, shop, and interact with each other with the help of virtual and augmented reality devices. To be clear, this concept of the metaverse does not exist yet but it is anticipated to fully exist in the next decade. The metaverse concept is not new as the idea of people socializing, working, and living in the virtual world dates back decades. 

Many tech companies are rapidly developing the metaverse concept in order to make this vision a reality. Facebook changed its name to Meta in October 2021 and as a result, the "Metaverse" concept became more popular as the company announced its plan to invest a minimum of $10 billion in building and promoting the concept that year. Also, other tech giants like Google, Nvidia, Microsoft, and Qualcomm are currently investing billions of dollars in the metaverse concept. Metaverse is a digital world where anyone can buy NFTs, land, or simply join metaverse-related discussions within the community. 

Recently, one of the metaverse in Southeast Asia, RansVerse was introduced as the first Indonesian metaverse which is a project of several companies that are competent in their fields.
 

What Is Cryptocurrency

Unlike the metaverse concept which is still more of a vision than reality, cryptocurrency is already an important part of the physical world and we have even witnessed the adoption of bitcoin as a legal tender in the Central African Republic. Cryptocurrency is simply digital money that is largely independent of the government, banks, and third-party payment intermediaries. The world of crypto is very diverse and still largely unregulated in many countries across the world. There are so many digital currencies and some of the more popular ones are Bitcoin, Ripple, Ethereum, and Cardano. Cryptocurrencies are easily accessible to everyone and are used by both businesses and individuals to send and receive digital money. Many also store their wealth and invest in cryptocurrencies.
 

How The Metaverse Will Change Cryptocurrency

Metaverse will massively increase the adoption of cryptocurrencies, especially popular ones like Bitcoin. The metaverse consists of real estate mostly in the form of digital land and NFTs that must be bought with some sort of money. It is only logical that an independent digital payment technology like cryptocurrency becomes the accepted digital money in the metaverse virtual world. As people become more comfortable using cryptocurrencies in the metaverse, they will also use them outside of the metaverse to send and receive money. 

The knowledge of how to buy, transfer, and store cryptocurrencies will become common among metaverse users as they need to send and receive money with crypto. Metaverse simply gives its users a reason to learn how cryptocurrencies work because they now need it to fully enjoy the metaverse. Imagine an influx of current social media users and gaming lovers into the world of cryptocurrencies. This influx will lead to massive adoption of crypto across the world. This means more Individuals and businesses will use cryptocurrency in their day-to-day lives to facilitate money transfers, especially across national borders.

In addition, smart banks and payment gateways that constantly monitor change in the financial industry will have no choice but to step up efforts to adopt cryptocurrency into their business model. Cryptocurrency is creating a global financial system that is free of middlemen and crypto users love it. The success of the metaverse concept will definitely create a massive influx into the cryptocurrency world, so banks and other financial institutions will have no choice but to find a way to adapt or risk becoming irrelevant.
 

Conclusion On How The Metaverse Will Change Cryptocurrency

Almost every major technology innovation met with skepticism at its initial stage. Today, we are talking about the metaverse and cryptocurrency. Currently, there are uncertainties and so many unanswered questions. Despite all skepticism, cryptocurrency has proven to solve long-lasting deficiencies of traditional financial systems and we believe cryptocurrency is here to stay. The advent of the metaverse concept looks really good for the future of cryptocurrency as crypto is expected to be the major payment method in the metaverse virtual world. As a result, we expect the success of the metaverse to lead to a massive influx of new cryptocurrency users.

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